TW201224980A - Apparatuses, methods and systems for a volatility expiration index platform - Google Patents

Abstract

The apparatuses, methods and systems for a volatility expiration index platform (''VEIP'') transforms user and market data inputs via VEIP components into Vol Ex Index publication and Vol Ex Index instrument communications outputs. A current reference security price may be determined for a reference security. A plurality of option strike prices may be derived from the current reference security price. Implied volatility and delta may be determined for options associated with each derived option strike price and used to calculate a delta-weighted implied volatility for each derived option strike price. A weighting for each derived option strike price may be determined and used along with the delta-weighted implied volatilities to calculate a volatility expiration index value for the reference security. Using the volatility expiration index value, a volatility expiration index financial instrument may be generated and introduced into a financial instrument exchange market.

Description

201224980 VI. Description of the invention: [Technical field to which the invention pertains] The volatility expiration index, method and coefficient platform of the financial market are generally related to the investment system and, more specifically, to a , methods and systems. For the patent certificate disclosure document, the request M is for the invention of various innovations (hereinafter "disclosure") and contains materials protected by copyright, mask work and/or other intellectual property rights^ The respective owners of intellectual property rights are not objectionable to the facsimile reproduction of the disclosure by anyone in the case of their appearance in the public patent office slot/record, but otherwise retain all rights. 'Related application The applicant hereby submits an application under the title of 35 USC § 119 on August 1st, 2010, entitled "Apparatuses, Methods and Systems for a

Volatility Expiration Index Platform, US Provisional Patent Application No. 61/372,412 (Attorney Docket No. 2〇318_ 011PV); and August 2010, Application, titled Apparatuses, Methods and Systems for a The priority of the US Provisional Patent Application Serial No. 203 18-011 PV1, which is incorporated herein by reference. The entire contents of the aforementioned application are expressly incorporated herein by reference. [Prior Art] Volatility is a measure of financial uncertainty or risk. For an investment 158141.doc 201224980 f (such as a stock) 'volatility can refer to the uncertainty about the value of the stock during the period of time. For example, for two stocks that currently have the same price, they are not in the same category as those with lower volatility (that is, the volatility stock may change more significantly, become higher or lower in price). In the meantime, it is expected that the future value of a stock having a relatively high volatility is a wider range of values. Traditionally, investors have used products based on the VIX® of the Chicago Board Options Exchange and the option price of S&P 5 based on the market's expectations for volatility during the next 3 days. [Embodiment] The annex and/or the drawings illustrate various non-limiting examples and novel aspects in accordance with the present invention. The first item of each element symbol in the drawings indicates a drawing in which the element symbols are introduced and/or described in detail. As such, the symbol "m" will be found and/or introduced in the figure. The component symbol 201 is introduced in Fig. 2, and so on. SUMMARY This disclosure sets out a volatility expiration index platform ("VEIP") for placement, methods, and systems that promote, enhance, generate, implement, and/or provide ("provide") and volatility expiration indices. , the associated senior notes (and/or the like), and/or the calculation, determination, generation, management of financial instruments/products based on and/or subject to/or multiple volatility expiration indices (and/or the like) , analysis and/or communication to facilitate access and use of the volatility clause structure. ‘τα In the t-th embodiment t, VEIP expands the time during which the VEIP is effectively measured and utilized, and can provide such an amount of implementation. The VEIp is accurate for the indications. During each period of the multi-month clause period (for example, for - the volatility expiration index is determined and calculated. In the right - specify the reference securities to measure / determine and provide volatility information to = two: coffee The volatility can be resolved by the option trade of the group term. The corresponding volatility based on such judgments/generations:: number = financial instruments (for example, options and Λ戈 and/or products that promote the expiration index can be instant: : such as: construction of categories. Based on the volatility of traditional volatility products, the benefits of early pricing dynamic expiration index products can be raised / fish examples, pleats (4), ambiguous and implied volatility and / or favorable Compliance period is the immediate correlation of this V-American or European-style performance and/or the like. “This: leads to increased correlation. These volatility-expired index products may allow the poor to obtain it from short-term volatility movements in other ways. Benefits may not be achieved/achieved. In one embodiment, VEIP determines a series of price options for each expiration month (and/or other specified period) of options available on various benchmark securities, and is weighted once judged Implied volatility differences. Veip is determined by measuring the volatility of this system expired volatility index ( "fluctuation of maturity index (Vol Ex Index)") for each of a maturing month. In certain embodiments, VEip provides for the generation/formation, issuance, management, liquidation, supervision, tracking of financial instruments, products, securities, and/or the like that are based on and/or affected by one or more volatility expiration indices. And/or the like. For example, in one embodiment, VEIP may provide cash clearing, US or European, PM clearing options for one or more volatility expiration fingers 158141.doc 201224980. In some such embodiments, by way of such products, the VEIp can be configured to facilitate/allow investors to effectively and efficiently match the duration of their option exposure to one or more volatility of the same term. Expiration index.

VEIP Figure 1 is a diagram illustrating one of the data flows between a VEIp component and an associated entity for one embodiment of VEIP. In one embodiment, the VEIP includes one or more VEIIM Servers 1.1 that implement VElp functionality and are communicatively coupled to one or more VEIP databases 119 that are configured to store VEIPs Information and associated information. The VEip server 1〇1 can also be coupled to one or more market data sources and/or market data feed sources 120 via a communication network U3 (eg, Bl00mberg, B1〇〇mbergi)

PhatPipe, Dun and Bradstreet, Reuter's Tib, Triarch, Option Price Reporting Agency (OPRA), etc. to request and/or receive financial use in the calculation, determination, generation, management, maintenance and/or use of the VEIp Index Receiving and/or seeking a large amount of different information, including but not limited to stocks, derivatives, securities and/or other market materials, collections or combinations of personal securities and/or financial products, securities and/or financial products and/or Or specific pricing, risks, and/or the like. VEIP and/or associated systems/subsystems and/or components/self-components can process this market information to determine 7 to generate/generate a volatility expiration index. This market information may also be used by VEIP to generate, manage, monitor, promote, distribute, sell, buy, sell, etc. based on one or more volatility expiration indices ("volatility maturity bills J" or "tickets") Selling, liquidating, operating, and/or maintaining financial products / 158141.doc 201224980 Notes (for example, options). Thus, the VEIP server can be associated with the client/user 133a/133b, the volatility expiration index disclosure system, the entity, the organization and/or component 121, the exchange server 1〇3 (eg, In exchange entities, securities venues, etc., financial institution servers 1. 5 (for example, for banks, brokerage firms, etc.) and/or various volatility maturity notes markets 122 communication 0 Figure 2 illustrates one of the VEIPs The operation of the embodiment is a block diagram of the VEIP system architecture and the flow of data between and among various VEIP system components. A VEIP system 200 can include a number of functional/operational modules and/or data storage configured to implement various VEIP features and/or functions. In some embodiments of the chat operation, a VEip controller 2〇1 can act as a “central role” to dominate, receive, determine, generate, and transmit data and/or instructions between the modules and the modules. And/or distributing, and/or allowing the storage of the data in the VEH> operation or collection of further utilization/points of the data:, and/or-or multiple databases 219. The flap control state 201 can be coupled to one or more operational modules' that are configured to perform various features associated with the aspect of blood VEIP operation. In one embodiment, the VEIP controller 2-1 can be coupled to a market data interface component c) 220' configured to self- or multiple market data sources 2 and/or market data feeds 22〇b and/or such queries and/or closing information. For example, 'this market data can be quoted in one of the X chaotic formats (through the form): 158141.doc 201224980 <XML><;Quote><InstrumentType>Option</TnstrumentTyp®><InatrumentSubType>Call</IriStruni€ntSubType><Syraboi>XYZ</Sytnbol><BidPrice>$4.00</BidPrice><AskPrice>$4.05<;/A5kPrice><LaatTradePrice>$4.03</LastTradePrice><LastTradeSize>10C</LastTradeSize><LastTradeTiroe>20110801-12:12:12</LastTradeTiine></Quote></XML> In an embodiment, the VEIP controller 201 can be coupled to an index calculator component (CC) 255 that processes the received and/or stored data (eg, received via the market data interface component 220 and/or stored in the data). 219) to determine/calculate one or more volatility expiration indices. For example, the volatility expiration index value may be stored via one of the following forms: INSERT INTO VBrP_IndexValuesTable ilndexID, IndexValue, IndexValueTime VALUES ('index 'index value*, *tijne whea index value was in effect*) In an embodiment, the VEIP controller 201 can be coupled to a public interface component (PIC) 221 that is configured to expose, transmit, The volatility expiration index information 221a (e.g., the volatility expiration index value determined by the calculator component 255) is passed, distributed, etc., for example, may be retrieved via one of the following forms: S QL report The volatility expiration index values: SELECT IndexValue, IndexValueTime FROM VEIP_IndexValuesTable WHERE IndexID=lindAx ID1 The volatility expiration index values may be disclosed via an XML message substantially in the form: <XML><IndexData><;IndexrD>ID135I</IndexID><Synibol>ABC</S^nbol><IndexValue>102</IndexValue><IndexValueT Ime >20110801-10:10;10</IndexValueTime></IndexOata></XML> In some embodiments, VEIP controller 201 can be coupled to a ticket 158141.doc 201224980 face component (IIC) 222 'It is configured to disseminate, receive, transmit, respond, generate, monitor (etc.) information about the volatility maturity note 222a, for example, to complete and/or monitor volatility due bill transactions and/or the like (For example, by means of a exchange server 103) » For example, a volatile expiration ticket order can be issued via the πχ API using a fix message of substantially the following form: Old = 3⁄4 This _tl| The above message indicates It is in the FIX 5.0 format, which is sent by trade number 1 to sell 200 shares of the volatility maturity note 1 (for example, one of the options on a volatility expiration index) to firm 2. In the above message, one of the numbers on the left side of the first sign indicates a field and each field is separated by a "|" symbol. The numbers in the above message correspond to the following fields: start string (8), subject length (9), message type (35), sending company ID (49), target company ID (56), message serial number (34), user End Order ID (11), Code (55), Buyer (54), Send Time (52), Transaction Time (6〇), Order Quantity (3 8), Order Type (40), Checksum (1〇) ). In one embodiment, the VEIP controller 201 can be further coupled to a supervisory/management interface component (AIC) 233 that is configured to connect and/or provide a user interface 233a, an administrator accessible user Interface 233a monitors and/or interacts with VEIP system parameters and settings, data management, access control, and/or the like 233b. In certain embodiments, VEIP controller 201 can be coupled to an indexed ticket generation component (IGC) 265 and/or ticket management component (IMC) 275 that processes the determined volatility expiration index information and/or other The information stored/received 158141.doc •10-201224980 (eg, received via the relevant ticket interface component 222 and/or stored in the database 219) to generate volatility due notes and/or associated information and/or promotions The VEIP and/or associated components may generate and/or manage various financial products based on/with respect to the Volatility Maturity Index for the management of the volatility maturity notes and/or associated information. bill. 3 provides a logic flow diagram that illustrates one of the determinations of one (or more) volatility expiration index for an embodiment of VEIP (eg, as implemented by a VEIP component, such as the calculations discussed above) Assembly 255). VEIP may receive or identify a reference security (rRS) 3〇1 (eg, according to a rule or setting, and/or requested by a user, external entity, and/or administrator) and determine/observe RS The current price is 303. Next, the option associated with the RS can be identified and the option price associated with the RS 309 can be determined (eg, based on market data and/or according to one or more pre-specified rules or settings) and the cycle can be collected and processed. Sex (for example, monthly) information. Next, VEIp may identify an option exercise price selection and/or series 321 based on the current RS price, and draw the selling price and the buying price 3 3 3 for each identified exercise price. For each option series, 乂耵!> can then calculate the implied volatility 337 and determine the difference 339. VEIP can then calculate the differential weighted implied volatility 34! for each option exercise and calculate the weight of each option exercise 34^ then 'use the implied volatility and option line weighted by the option exercise variance Weighted, VEIP can determine the volatility expiration index of RS. Figures 4A through 4C provide additional details of the volatility expiration index determination using certain embodiments and embodiments of MEIp. In the figure, the -RS can be identified at 4〇1. For example, the profile may be configured in substantially one of the following forms by reference to the reference securities for which the 158141.doc 201224980 sexual expiration index should be calculated:

Reference Securities:

SPY

IWM

GLD

XLE

XLK In one embodiment, VEIP can immediately observe the price of a priority reference security and/or the price of its associated option. The (or such) reference securities may be various financial instruments or products, for example, an exchange-traded fund ("ETF") and/or individual stock that tracks a large number of asset classes. The current price of RS can be determined at 4〇3. For example, the price can be determined based on a quote from one of the exchanges of one of the trades. It can be updated at 4〇5 with price information (for example, in a market data table stored in the VEIp database) Database records. The options associated with the RS can be identified at 407. For example, a series of price options with an option price ("ATM") can be identified based on RS's Tianyue and η. 'Six' options. In various embodiments, the number of options identified by 2 can be selected to smooth the volatility expiration index, making it more difficult to manipulate the value of the volatility _ index, and the volatility expiration index has the largest option. And/or the like. In some embodiments, the identification of an option can be dynamic so that the actual price of the option can be changed. For example, the price of the exercise for the calculation by VEIP may be η, ιι 8, 121 and 122 in the case where the last trade price of the reference security is ll9〇i. The price of the reference securities fell to 118.99. 158141.doc •12· 201224980 However, the price can be used under ~1, 1 1 », 119, 12G and 121 ° for easy understanding of this example, the exercise is for the middle line The right is called u, the lower i is lower than M, the lower is called u, the second is lower than Μ, the lower is L2, and the higher g is higher, the higher is U1, the third is for high leakage. The high-ranking right is called U2 and is for the third higher-ranking right than M (four). In this example, HU·, Xian bought 22. The volatility expiration index for each available expiration month can be calculated for each of the existing expiration months (and/or other specified periods) using the selected row. " In some embodiments, for each identified period (10) 9, 4U current option price (e.g., for "selling rights" and "buy rights"). The current option price can be validated at Chuan. In the _ item embodiment:: The current option price is valid if the following error checking logic is met: 1 There should be RS - the latest sales, and for the latest sales, the number of fingers (for example, 1 〇) cycles ( For example, a period can be equal to a specified number of ones (for example, the reported value should not exceed the RS price collar logic. • For RS 'only one value difference - a specified number (for example, 1%) In this case, the value does not exceed the RS price limit logic. 1 = quoted for each identified option (for example, for each of 6 and for each of the 6 fortune - quote) • For each identified option, the number of private points in a specified number (for example, 1〇) of periods (eg '68%) of the quoted midpoint values should not exceed the option price of the option price 158141.doc -13- 201224980. For - options, the difference between a value does not exceed the option price limit logic: for the price item = the condition 'the value of the dollar period ~, for the price is ... option shoulder cents, needle · 4 to 5 · 00 US dollars π I Bamei 70 to 10. The period of the US dollar is 50 cents, targeting The price is from USD to 20 US$, and the price is more than 20 00 cover-Μ. “Options-80 Meswa 20·00 Meifan's option -1 USD. If the difference is not greater than the low (the right to buy), the maximum amount is set. In the (Beiquan) or the second scheme, the logic can be checked differently for different volatility expiration indexes. The option price before (#) is valid. In the case of the situation, the calculation of the volatility expiration index is stopped. The current option price is 23 = 矣 can be updated at 416 (for example, the storage in the TM _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ In the case of the remainder of the decision (4), the decision may be made on the identified option 419 » In some embodiments, where the option price is valid, the exercise price may be identified at 421, and for Each - each identified exercise price (4) 3 - 'can determine the price of both 425, 429, 431 selling rights and buying rights. In the employee's implementation plan 'can be from a database (for example, market data from the νΕιρ database) Table 袼) fetching these prices. In another embodiment, These prices are dynamically captured (eg, via one price from a exchange). In some embodiments, VEIP may utilize one or more pricing models, such as 158141.doc • 14- 201224980 for one of the options standardization Pricing model (eg, C〇XR〇SS-Rubenstein, Black-Scholes, Roll-Geske-Whaley, binomial, trinomial, and/or the like). In one embodiment, the selection of the pricing model may depend on VEIP quality specifications, timing conditions, hardware capabilities, and/or the like. For example, the 'Cox-R〇ss-Rubenstein pricing model produces more accurate results, while the Black-Scholes pricing model produces less accurate results but is faster. In some embodiments, 433 may be selected to select a pricing model (e.g., via one of the specified pricing models) and applicable model parameters, assumptions, and/or the like may be applied at 435. For example, a model may utilize interest rate and dividend assumptions and/or judgments (eg, 'an exemplary embodiment may use LIBOR as an interest rate input for an appropriate period of time'), ie, a March option may use March UB0R, and dividends This can be based on rolling the fourth quarter dividend history forecast to the future). The implied volatility and differences for each option series can be calculated for each option series 437, 438' as illustrated in Figures 4B and 4C. In one embodiment, 439 implied volatility may be calculated for each option series 443, 445 and may be updated 441 (eg, 'stored in the model data table in the VEIP bibliography') a database record and may be targeted Each option series 453 calculates 449 differences and can update 451 (eg, stored in the model data table in the VEIp database) a record record. In another embodiment, the implied volatility 440 and the difference 45 can be calculated for each option series 454 and the database δ (e.g., ' stored in the model data table in the veip database) can be updated 452. In one embodiment, the implied volatility captured for each option system 158141.doc •15·201224980 may not be based on the midpoint of the option bid/quote quote. For example, if a 12-inch exercise call is offered by 2 〇 3 mer, provided at $ 2.07, the price of $ 〇 5 can be used in the option pricing model to calculate the implied volatility of the 120 exercise call. Sex. In one embodiment, for each option exercise 457, 458, the implied volatility of the differential weighting may be followed by "10, 459, 463, 465, and 460, 464, 466 and may be updated 46 1 '462 ( For example, a database record stored in a model data table in the VEIp database. For example, implied volatility can be weighted to reduce the weight of cheaper options on the credit. In alternative embodiments, different implied volatility weighting schemes (e.g., equal weights) may be used. In one embodiment, the difference between the selling option and the call option of the same exercise is first aggregated, and in any of the items in which the sum of the difference between the selling right and the buying right is less than/more than 100%, increase/decrease The difference between the right to sell and the right to buy is therefore 100% (for example, by making the difference in the right to sell and the difference in the right to buy a one-and-a-half distance from the 100%, based on the difference in the right to sell and the difference in the right to buy And the difference in call rights is proportionally increased, and/or the like. For example, in the case where the difference between the 120 exercise rights is 55% and the difference between the 12 and the execution rights is 43%, the total difference of the 12% option differences is calculated as. In this example, 'will increase the difference between the selling rights and the difference in the buying rights by 1 so that the total difference of the 1 2 options will be aggregated as [θθ%〇, conversely, the sum of the differences in the i 2 options. In the case of exceeding ΐθθ%, both the difference in selling rights and the difference in the buying rights can be reduced by the same amount. For example, in the case where the i 20 exercise rights difference is 57% and the 120 exercise rights difference is 45%, the two will be reduced by i 158141.doc -16- 201224980 so the sum of the differences is equal to 100% . Once executed by VEIp, the difference in the proceeds of the option and the call option of the same exercise can be used to weight the implied volatility of both the option and the call option to achieve one of the implied volatility of the exercise price. For example, 120 exercise rights have an implied volatility of 14 3296 and 56. /. One difference. At the same time, the 12-inch exercise call has an implied volatility of 15.1157 and a difference of 44%. The volatility of 120 exercise options can be calculated by VEIp weighting the 12 〇 implied warrant implied volatility and 120 implied volatility implied volatility. In this case, the calculation can be (14.3296x, 56) + (l5.1157χ·44) = 14.6754484, and after impairing the two according to the difference between the selling rights and the buying rights, the implied 12-right option The volatility is 14.675484. In some embodiments of VEIP, the calculations set forth above may be performed for option exercise to achieve an implied volatility of each option exercise. Next, the ATM option exercise weights themselves can be weighted based on the weight of the ATM option exercise price within or outside the price, based on the weights of 469, 473, 475 and 470, 474, 476 calculated for the ATM option exercise 467, 468. 477, 々 π to smooth the volatility expiration index and/or the like, and may update a database record of 4^, 472 (eg, stored in a model data table in the VEIp database). The weight assigned to each-banking is dynamic and moves with the price of the reference security; The volatility expiration index of (477, 478) rs can be calculated based on the implied volatility of the menstrual weight difference weighting and the option exercise weighting, and is output 479, 48 〇 (for example, public). In certain embodiments, the VEIp process can operate as explained in the examples below. For the purposes of this example, the initial price of the priority reference 158141.doc 17 201224980 can be set to $119.74, where the price of the gamma lot J code used is as follows (including the implied volatility calculated for each line of rights) Sex): L2 = 117 Implied volatility = 20.645907 Ll = 118 Implied volatility = 18.3330753 M = 119 Implied volatility = 16.3785 18 Ul = 120 Implied volatility = 14.675445 U2 = 121 Implied volatility = 13.2878705 U3 = 122 Implied Volatility = 11.569698 In some embodiments, the weight of each row weight can be dynamically changed as the priority reference price changes according to the following logic. First, the difference between the M-line weight and the priority-referenced security - the value to be expressed by r Diff in the following example can be calculated. Then, according to Diff, the weight of each row weight is re-weighted to give more weight to the nearest right to the price and the less weight is given to the shell or the outside of the shell. For example, this weighting can act as a _ error checking mechanism. In some embodiments, the limp is first assigned 50% minus one of the factors calculated by multiplying 30% by Diff, and the other weights are weighted and then adjusted by the Diff factor, as follows Show. For the preferred reference securities priced at $119.74, the Diff is calculated to be 0.74 by taking the difference between the μ and the preferred reference price. L2 weight = .05-(.05x.74)=.013 L1 weight = .20-(.15x.74)=.089 Μ weight = .5-(.3x.74)=.278 U1 weight = .20 +(.3x.74)=,422 U2 weight=.05+(.15x.74)=.161 158141.doc •18- 201224980 U3 weight=(·〇5χ.74)=.037 Therefore, in one item In the embodiment, the volatility expiration index can be calculated as follows: L2 Implied volatility XL2 weight (20.645907x.013) = .268396788 L1 Implied volatility XL1 weight (18.330753x.089) = 1,63 1436987 Μ Implied Volatility χΜ weight (16.3 78518x.278)=4.553227987 U1 Implied volatility xUl weight (14.675445x.422)=6.193037661 U2 implied volatility XU2 weight (13.278705x. 161)=2.137871529 U3 implied volatility xU3 weight (1) 569698χ 〇37)= 428〇78815 Volatility Expiration Index = 15.21204977 In some embodiments, the 'determined volatility expiration index can be published to the nearest two digits of the decimal point and therefore rounded up _ in this example, ΐ52ι will The calculation of the volatility expiration index disclosed by the department. In some embodiments, this calculation is for each of the four (four) (four) shares that can be produced from the same _ per-to (four) copies - a separately calculated and published volatility expiration index. Since the option has a limited validity period and maturity, the volatility expiration index can also expire. For example, 'from the future or the past established period, for example, Μ delete, - a particular note may have or already have 5/22/2〇1〇, (10)(10)〇, 6/30/2010 ^ 8 /21/2010 , 9/30/2010 Μυ/2〇1° ' 11/20/2010 > 12/31/_, 1/22/2 Sichuan, training / coffee, 12/3_ 1/21/2012 to Option of the period. Through VEIP, each-going parent can generate an expiration series and a corresponding volatility expiration index. After the expiration of the month, you can calculate and calculate the coefficient. In the case of Gong, the 5/22/2〇1〇 volatility expiration index is opened. The expiration of a certain future period "with the newly added expiration series can result in a new volatility expiration index being replaced by the expiring volatility expiration index. 158I41.doc •19· 201224980, some In an embodiment, the volatility expiration index may be calculated for each beta month and/or other specified period with respect to _ or a plurality of 敎 priority persons to correlate with an existing expiration of 2. In these embodiments, The expiration of the adjacent clause, 'can be completed as long as the option in the priority securities option.' So, it should be understood that the advantages, embodiments, real I, function, characteristics, Logic, organization, structure, topology, and/or other aspects are not to be construed as limiting the scope of the disclosure as defined by the scope of the claims or the equivalent of the scope of the claims. νΕΐρ is discussed in the context of specific embodiments and implementations in markets, exchanges, and institutions, but it should be understood that a VEIP individual and/or company user, database configuration and/or relationship model, data type, data transfer And/or network framework, language Various embodiments of the VEIp that achieve sufficient flexibility and customization can be implemented, for example, the VEIP aspect can be applied to over-the-counter markets and/or stock exchanges. Market, and/or may be configured to comply with regulatory requirements, market constraints, etc. Although various embodiments and discussions of νΕΐρ have been targeted at financial and securities markets and information, as well as exchange traded financial products and the like, however, it should be understood that The embodiments set forth in the above can be easily configured and/or customized for a number of other applications and/or implementations. The volatility expiration product/option listing and volatility expiration index are maintained in one embodiment of VEIP' For each reference security, the number of indices that can be defined for the current set of available options for trading will be calculated. In one embodiment, 'these series can be classified and grouped according to their maturity. 158141.doc •20· In the 201224980 embodiment, each unique expiration date has a different number of option series available for trading. In some embodiments, Consideration/Using Continuous Quoted Options - For example, in one such embodiment, FLEX options that are not continuously quoted may be disregarded for use in calculating a Volatility Expiration Index. Options for Volatility Due Index are at VEIP In some embodiments, 'Each volatility expiration index can be used for cash clearing, US or European, and index options for trading at trade prices at the level of the volatility expiration index. The implementation of VEIp Various guidelines and/or parameters may be applied or implemented. For example, in one embodiment, the following items may be applied: the exercise price of $1 interval. The exercise price is around the current index level, where the index New line weights are added as needed to increase or decrease the position. The option fee multiplier is $100 (for example, one of the $2 fee bid = $200). Expiration can be either short-term (for example, 6 days) or regular axis (for example, monthly). For example, 'in the case of the SpY ig month volatility index discussed above, only the monthly listing of the rules results in a face-to-face O'9/15/U), and the stipulated period (4) (10) The expiration of the expiring index option 'the right of the call and the right to sell the price as shown in Appendix 2D can prohibit the expiration of the volatility of the expiration date of one of the dates when the volatility index itself is terminated. Index options are listed. 158141.doc •21· 201224980 Volatility Expiration Index Options can be due and liquidated before the termination of the Dynamic Expiration Index, which is closed on 2 business days. In this real money, ^^^ rule expires, this means Wednesday before the third Friday of the month. Index options for the expiration index of the expiring volatility expiration index. & Maintenance of Volatility Index In some embodiments, the Volatility Maturity Index has a limited validity period. In some embodiments, the listing of a new option series for a reference security can be initiated and/or the start of each volatility expiration index calculation. In these embodiments, if their options expire, the volatility expiration means: it can also be terminated. In some embodiments, the expiration date of the volatility expiration index can be relatively short (e.g., 'i months), while other embodiments can exist for longer periods (e.g., 2 years or longer). In various embodiments, the volatility expiration index can be 2 months, 3 months, 4 months, 5 months, 6 months, 7 months, 8 months, 9 3 (9) solid months, 11 months , 12 months '13 months, 14 months, 15 months, 16 months, months, 18 months, 19 months, 2G months, 21 months, 22 months, called Gu Yue, 24 Month, 25 months, 26 months, 27 months, 28 months, _ month, 30 months, 31 months, 32 months, 33 months, 34 months, Chuangu month, 36 months, 37 Months and/or 38 months' and/or various other cycles, sub-cycles and/or lengths, and/or combinations thereof. For example, in a given period (for example, September 2010), the δργ option that expires in January, 2013 can be listed. The volatility expiration index of spY汕^1 may be continuously calculated from September 20th to September of the year, as long as the option market opens. 158l41.doc -22- 201224980 VEIP controller Figure 5 shows the illustration A block diagram of an embodiment of a VEIP controller. In this embodiment, the VEIP controller 5〇1 can function to aggregate, process, store: search, slap, identify, indicate, generate, match, and/or promote Interacting with information technology and/or other related information and computers. Usually 'users (which can be connected to people and/or other systems) can interface with information technology systems (eg 'f brainsχ to facilitate information processing. The processor 503 may be referred to as a central processing unit (CPU). One form of processor is referred to as a microprocessor. The CPU uses communication circuitry to communicate binary coded signals that act as instructions to perform various operations. The instructions may be operative and/or data instructions containing and/or reference to various processor accessible and operable areas of memory 529 (eg, scratchpad, cache memory, random access memory) Other instructions and information in the etc. These communication instructions may be stored and/or transmitted in batches (eg, instruction batches) as programs and/or data components to facilitate desired operations. Such stored instruction codes (eg, 'programs' The CPU circuit components and other motherboard and/or system components can be engaged to perform the desired operations. One type of program is a computer operating system that can be executed by a CPU on a computer; the operating system implements and facilitates user access and Operation of computer information technology and resources. Some of the resources that can be used in information technology systems include: the input and output mechanisms through which data can be transmitted to and from a computer; the data can be stored in it. Memory devices; and processors through which information can be processed. These information technology systems can be used to collect data for subsequent retrieval, analysis and manipulation through a database program. These information technology systems provide access to 158l41. .doc •23· 201224980 The interface for accessing and operating various system components. In the embodiment, the VEIP controller 5〇 1 may be connected to and/or in communication with an entity such as, but not limited to, a user input device (1) or a peripheral user, peripheral device 512: an optional cryptographic processor device 528; / or a communication network 513. The network is generally considered to include the interconnection and interoperation of the client, the (4) device and the intermediate node in a graphical topology. It should be noted that the term "server" is used in this case. Generally speaking, it refers to a computer, other device, program, or a combination thereof that processes and responds to requests from remote users across a communication network. The server sends its information to the requesting "user side." The term "client" generally refers to (d) a computer, program 'other device, user', and/or combination thereof that processes and requests and obtains and processes any response from the (four) device. Promote, process and request information and/or facilitate information from a source user to a destination user: passing a computer, other device, program, or a combination thereof is often referred to as a U" network. Source to destination transfer. The specific task is to promote the information from the source to the destination. One of the nodes is usually called a "router". There are many forms of networks, such as regional networks (LANs), micro networks, wide area networks (WANs), wireless networks (WLANs), and the like. For example, the Internet is generally considered to be interconnected by one of a large number of networks that remote clients and servers can access and interoperate with each other. The VEIP controller 501 can be based on a computer system including, but not limited to, a component such as a computerized system 5 that is connected to one of the memories 529. Computer Systemization 158141.doc -24- 201224980 A computer systemization 502 can include a clock 530, a central processing unit ("CPU" and/or "processor") (these terms can be used interchangeably throughout the present invention unless indicated as Conversely, 5〇3, a memory 529 (eg, 'a read-only memory (R〇M) 506, a random access memory (RAM) 505, etc.) and/or an interface bus 507, and more frequently But optionally, the system bus 504 is interconnected and/or communicated via one or more (mother) boards 5〇2. The one or more (female) boards have instructions (eg, binary coded signals). It can travel through it to complete the communication, operation, storage, etc., and/or otherwise transport the circuit path. The computer system can be connected to a power source 586; for example, (as appropriate) the power source can be internal. A cryptographic processor 526 and/or transceiver (e.g., IC) 574 can be coupled to the system bus as appropriate. In another embodiment, the cryptographic compile processor and/or transceiver can be connected as internal and/or external peripheral device 512 via interface bus I/O. Instead, the transceiver can be coupled to the antenna 575 to accomplish various communication and/or sensor protocol wireless transmissions and receptions; for example, the antenna can be coupled to: a Texas Instruments WiLink WL1283 transceiver chip (eg, providing 802.11 η, Bluetooth 3.0, FM, Global Positioning System (GPS) (by allowing the VEIP controller to determine its location)); Broadcom BCM4329FKUBG transceiver chip (for example, providing 802.1 1n, Bluetooth 2·l+EDR, FM, etc.) A Broadcom BCM4750IUB8 receiver chip (eg, GPS); — Infineon Technologies X-Gold 618-PMB9800 (eg, providing 2G/3G HSDPA/HSUPA communication) and/or the like. The system clock typically has a crystal oscillator and generates a fundamental signal through a computerized circuit path. The clock is typically coupled to the system bus and various clock multipliers that will increase or decrease the fundamental operating frequency of other components interconnected in the 158141.doc •25· 201224980 brain systemization. - The clock in the computerized system and the various components drive the signals that reflect the information throughout the system. This transmission and reception of instructions embodying a computerized system of information is commonly referred to as communication. Such communication instructions may be further transmitted and received and returned to and/or from a system other than an instant computer system to a communication network, an input device, other computerized systems, peripheral devices, and/or the like. . It will be understood that in alternative embodiments, any of the above components may be directly connected to each other, to a CPU, and/or organized in various variations as exemplified by various computer systems. The CPU includes at least one high speed data processor adapted to execute program components for executing requests generated by the user and/or system. Typically, the processor itself will incorporate various specialized processing units such as, but not limited to, integrated system (bus bar) controllers, memory management control units, floating point units, and even such as graphics processing units, digital signals Processing unit and/or a dedicated processing subunit such as this. In addition, the processor may include internal fast access addressable memory and can be mapped and addressed to the memory 529 external to the processor itself; the internal memory may include, but is not limited to, a fast register, various levels of cache Memory (for example, levels i, 2, 3, etc.), RAM, etc. The processor can access the memory by using a memory address space accessible via an instruction address, wherein the processor can construct and decode the instruction address to allow the access pair to have a memory state. A circuit path of a particular memory address space. The CPU can be a microprocessor such as AMD's Athlon, Duron and/or Opteron; ARM applications, embedded and secure processors; IBM and/or Motorola 158141.doc -26- 201224980

DragonBall and P0WerPC; unit processor of IBM&s〇ny; plus "Celeron, Core(2) Du〇, Itanium, pentium, χβ〇η and / or XScale; and/or similar processors. cpu through conduction The instructions of the sexual and/or transport circuitry (eg, (printing) electronics and/or optical circuitry) interact with the memory to execute the stored instructions (ie, code) in accordance with conventional data processing techniques. Interfaces are communicated within the VEip controller and outside of the VEIP controller. Distributing processors (eg, scattered VEIP), hosts, similarly, where processing requires a greater amount of speed and/or capacity Multi-core, parallel, and/or supercomputer architecture. Alternatively—there may be a smaller personal digital assistant (PDA) if the deployment requirements specify a more A & portability. Depending on the specific implementation, VEIPi Features can be achieved by implementing a microcontroller such as CAST's R8051XC2 microcontroller; Intel2MCS 51 (ie '8051 microcontroller); and/or the like. Also, to implement certain VEIP Some feature implementations may rely on embedded components "such as: dedicated integrated circuits ("ASICj", vertical signal processing ("DSP"), field programmable gate arrays ("FpGA") and / Or similar embedded technology. An example of a 'VEIp component set (spreading or otherwise) and/or features may be implemented via a microprocessor and/or via an embedded component; for example, via an ASIC, a coprocessor, (10), FpGAW or the like. Alternatively, the selection system can be implemented by means of a human component that is configured and used to achieve various features or signal processing. Depending on the particular implementation, the embedded component can include a combination of software solvers 15814I.doc • 27-201224980, hardware solutions, and/or hardware/software solutions. For example, the VEIIM4 sign discussed in this paper can be achieved by implementing FpGA, which contains programmable logic components called "logic blocks" and programmable interconnects (such as the high-performance FpGA Virtex series manufactured by Xilinx). And/or low cost Spartan series) semiconductor devices. Logic blocks and interconnects can be programmed by the customer or designer to implement any of the VEIP features after the FPGA is manufactured. One level of programmable interconnects allows logic blocks to be interconnected by VEIP system designers/administrators when needed, somewhat similar to a single-chip programmable test board. An FpGA logic block can be programmed to perform basic logic gates (such as "and" and "mutual exclusion") or more complex combinations of operators (such as decoders or mathematical operations). In most FPGAs, the logic block also contains memory components, which can be circuit flip-flops or more complex memory blocks. In some environments, VEIP can be developed on a regular FPGA and then migrated to a fixed version that is more similar to one of the asic implementations. An alternate or coordinated implementation may migrate the controller features to a final ASIC instead of or to the FPGA. All of the aforementioned embedded components and microprocessors can be considered as "CPU" and/or "processor" of VEIP. Power supply 586 can be of any standard form for providing power to small electronic circuit board devices, such as the following power batteries: alkaline, lithium hydride, lithium ions, chain polymers, nickel cadmium, solar cells, and/or the like. Other types of AC or DC power supplies can also be used. In the case of a solar cell, in one embodiment the housing provides a hole through which the solar cell can capture light energy 158141.doc -28-201224980. Power battery 586 is coupled to at least one of the subsequent interconnect components of the VEIP, thereby providing a current to all subsequent components. In one example, power supply 586 is coupled to system bus bar assembly 504. In an alternate embodiment, an external power supply 586 is provided through one of the connections across the I/O 508 interface. For example, a USB and /4 IEEE 1394 connection carries both data and power across the connection and is therefore suitable for power. The interface adapter(s) interface bus 507 can accept, connect, and/or communicate to a number of interface adapters such as, but not limited to, the following: but not necessarily in the form of an adapter card: input and output interface (1) /〇)5〇8, storage interface, network interface 5H) and/or the like. Optionally, the cryptographic compilation processor interface 527 can be similarly connected to the interface bus. The interface bus provides communication for the interface adapters to communicate with one another and with other components of the computer system. The interface adapter is suitable for a compatible interface bus. As an example, the interface adapter is connected to the interface bus via a slot architecture. Conventional plug-ins such as, but not limited to, Acceleration_4 (AGP), Card Bus, (Extended) Industry Standard Architecture μ), Micro Channel Architecture (MCA), NuBus, Peripheral Component Interconnects (expanded) (pci(x)), still speed PCI, PC Memory Card International Association (PCMC (8) and/or storage interfaces 5〇9 acceptable, culminating / gui, and 5 and/or Connected to a number of storage devices such as, but not limited to, storage device 514, removable disk device, and/or t. The storage interface may be (4) if not limited to the following: Advanced Technology Accessories (Package 158141.doc -29- 201224980) ΑΤΑ(ΡΙ)), (Enhanced) Integrated Driver Electronics ((E)IDE), Institute of Electrical and Electronics Engineers (IEEE) 1394, Fibre Channel, Small Computer System Interface (SCSI), Universal Serial Bus (USB), and/or the like. Network interface 510 can accept, communicate, and/or connect to a communication network 513. Through a communication network 513, the user 533a can access the vmp controller through the remote client 5:33b (e.g., a computer with a web browser). The network interface can adopt a connection protocol, such as but not limited to: direct connection, Ethernet (thick line, thin line, twisted pair 1〇/100/1〇〇〇Base Ding and/or the like), token ring, A wireless connection such as IEEE 802.11a_x and/or the like. Where the processing requirements specify a greater amount of speed and/or capacity, a distributed network controller (eg, 'disposed, balanced, and/or otherwise controlled) may be similarly employed; Communication bandwidth. - The communication network may be any and/or a combination of: a direct interconnection; an internet; a regional network (UN); a metropolitan area network (MAN); as an internetwork Node-Operation Task (OMNI) 'A secure custom connection; a wide area network; a wireless network

The path (e.g., using protocols such as, but not limited to, an I Wireless Application Protocol (WAP), I mode, and/or the like); and/or the like... the network interface can be considered as one of the input and output interfaces. Further, a plurality of network interfaces can be used to connect the sleeves 彳 〇 丨 丨 , , , , , , , , 。 。 。 。. For example, L' can use multiple network interfaces to allow communication over broadcast, multicast, and/or on the network. The input/output interface (10)) 508 can be accepted, communicated, and/or connected to the user input device, the peripheral device 512, the Mickey compile processor device, and / 15814 丨.doc -30- 201224980 or the like. Connection agreements such as, but not limited to, audio: analog, digital, mono, RCA, stereo, and/or the like, Apple. Apple Desktop Bus (ADB), IEEE i 394a_b, Tandem, General Serial bus (10) B);, infrared; joystick; keyboard; instrument digitally connected to n (midi); optical; pc AT; ps/2; side by side; radio; video interface: Apple desktop connector (ADC), BNC, coaxial Line, component, composite, digital, digital video interface (DVI), high resolution multimedia / 1 side (HDMI), RCA, RF antenna, s video, VGA and / or such 'wireless transceiver. 802' la /b/g/n/x ; Bluetooth; Honeycomb s (J 士 刀 夕 重 (CDMA), High Speed Packet Access (HSPA (+)), High Speed Downlink Packet Access (HSDpA) , Global System for Mobile Communications (GSM), Long Term Evolution (LTE), WiMax #); and/or the like. The video output may include a video display, which typically includes a cathode ray tube (CRT) or liquid crystal display (LCD) monitor that can have a self-intelligent interface to receive signals - for example (eg , said circuit and cable). The video interface synthesizes the information generated by a computer system and generates a video signal from the synthesized information in the video memory frame. Another: the output device is a television set that accepts signals from a video interface. The video interface of the P-video interface is provided through a video interface that accommodates a video display interface (for example, an RCA composite video device, an RCA composite video connector, and a DVI connector). See sfl information. The user input device 511 is typically a type of peripheral device 512 (see the text 'and can include: card reader, dongle, fingerprint reading 158141.doc -31- 201224980 benefits, gloves, graphics tablet, Joystick, keyboard, microphone, mouse (one or more), remote control, retina reader, touch screen (eg, electric grain, resistive, etc.), trackball, trackpad, sensor (eg, accelerometer, ambient light, GPS, gyroscope, device, etc.), stylus and/or the like. Peripheral device 512 can be connected and/or communicated to 1/〇 and/or other such as a network interface, storage interface Similar facilities, directly connected and/or communicated to interface bus, system bus, CPU&/or the like. Peripheral devices may be external, internal, and/or part of the VEIp controller of the VEIP controller. Peripheral devices may include : Antennas, audio devices (eg line inputs, line outputs, microphone inputs, speakers, etc.), cameras (eg static, video, webcam, etc.), dongle (eg for copy protection, with A digital signature ensures secure transactions and/or the like, an external processor (for added capabilities such as cryptographic device 528), a force feedback device (eg, vibration motor), a network interface, a printer, scanning , storage devices, transceivers (eg, cellular phones, GPS, etc.), video devices (eg, goggles (ah), monitors, etc.), video sources, goggles (9), and/or the like. Peripheral devices typically include Various types of input devices (eg, cameras). It should be noted that although user input devices and peripheral devices may be employed, the controller may be embodied as an embedded, dedicated, and/or monitorless (ie, headless) device. Where access will be provided on the -network interface connection. The cryptographic compilation unit such as, but not limited to, micro-control 5|, 垮 益 processor 526, interface 527 and/or device 528 may be 盥vp ” £IP controller attached Connected and / or communicated. By 158141.doc -32· 201224980

One of Motorola's MC68HC16 microcontrollers can be used in the cryptographic unit and/or within it. The MC68HC16 microcontroller utilizes a 16-bit multiply and accumulate instruction in a 16 MHz configuration and requires a 5 12-bit RSA private key operation to be performed in less than one second. The cryptographic unit supports authentication of communications from the interactive agent and allows anonymous transactions. The cryptographic unit can also be configured as part of the CPU. Equivalent microcontrollers and/or processors can also be used. Other commercially available proprietary cryptographic processors include: Broadcom's CryptoNetX and other security processors; nCipher's nShield; SafeNet's Luna PCI (eg, 7100) series; Semaphore Communications' 40 MHz Roadrunner 1 84; Sun's cryptographically compiled accelerometer (eg, accelerometer 6000 PCIe board, accelerometer 500 daughter board); Via Nano processor (eg, L2100, L2200, U2400) line capable of executing 500+MB/s cryptographic instructions; 3 3 MHz for VLSI technology 6868; and / or the like. Memory

In general, any mechanization and/or embodiment that would allow a processor to affect the storage and/or retrieval of information is considered memory 529. However, memory systems can replace technology and resources, and thus any number of memory embodiments can be employed to replace or cooperate with each other. It should be understood that the VEIP controller and/or a computer system can utilize various forms of memory 529. For example, a computerized system can be configured in which the operation of on-chip CPU memory (eg, scratchpad), RAM, ROM, and any other storage device is provided by a tape puncher or tape card mechanism; This embodiment will result in a very slow rate of operation. In a typical configuration, memory 529 will contain ROM

S 158141.doc -33- 201224980 5 06, RAM 505 and a storage device 514. A storage device 514 can be used as a computer system storage for any one. The storage device may comprise a drum; a (fixed and/or removable) disk drive; a magnetic_optical disk drive; an optical disk drive (ie, blue light, CD R〇M/RAM/ Recordable (R) / rewritable (RW), DVD R / RW, HD DVD R / RW, etc.; a device array (for example, redundant independent disk array (RAID)); solid state memory device (USB memory Body, solid state disk drive (SSD), etc.; other processor readable storage media; and/or other similar devices. Therefore, a computerized system usually requires and uses memory. Component collection memory 529 may contain a collection of programs and/or database components and/or materials such as, but not limited to, operating system components 5 15 (operating system) 'sfU server component 516 (information feeding) User interface component 517 (user interface); W_ browser component 518 (Web (four) H); database 519; server server component 521; mail client component cut; password compile server component 520 (Password Compilation Feeder); VEip Component Milk: and / or the like (ie, 'collectively referred to as a collection of components). Such components may be stored and accessed from the storage devices and/or storage devices accessible through the interface bus. The non-volatile & component of the program components, such as in a collection of components, is typically stored in a region storage device, but it can be loaded and/or stored in a memory such as the following: M passes through the remote storage facility of the overnight network, ROM, various forms of memory and/or the like. Operating System 158141.doc •34· 201224980 Operating System Component 515 is one of the executable program components that facilitates the operation of the VEIP controller. Typically, the operating system facilitates access to the network, peripheral devices, storage devices, and/or the like. The operating system can be a two-legged, scalable and secure system such as: Apple Macintosh OS X; AT&T Plan 9; Be OS; Unix and Unix-like system distribution (such as AT&T UNIX) Berkley Software Dispersion (BSD) variants, such as FreeBSD, NetBSD, OpenBSD, and/or the like; Linux distributions, such as Re (j jjat, Ubuntu, and/or the like); and/or similar operating systems. However, more limited and/or less secure operating systems can be used, such as Apple Macintosh OS, IBM OS/2,

Microsoft DOS, Microsoft Windows 2000/2003/3.1/95/98/CE/Millenium/NT/Vista/xp (server), palm 〇3, and/or the like. An operating system can communicate to and/or communicate with other components (including itself) in a collection of components, and/or the like. More frequently, the operating system communicates with other program components, user interfaces, and/or the like. For example, the operating system can contain, communicate, generate, obtain, and/or provide program components, systems, users, and/or data communications, requests, and/or responses. Once executed by the CPU, the operating system can Interact with communication networks, materials, I/O, peripherals, program components, memory, user input, and/or the like. The operating system may provide a communication protocol that allows the EIP controller to communicate with other entities via the communication network 513. Various communication protocols may be used by the VEIP controller as a subcarrier delivery mechanism for interaction such as, but not limited to, multicast, TCP/IP, guess, unicast, and/or the like. 158141.doc -35· 201224980 Information Server An information server component 5 16 is a program component stored by one CPU. The information server can be a familiar Internet information server, but not the Apache Software Foundation's Apache, Microsoft's Internet Information Server, and/or the like. The information server allows execution of program components through facilities such as: Active Server Pages (ASP), ActiveX, (ANSI) (Objective-) C (++), C#, and/or .NET, Common Gateway Interface (CGI) script, Dynamic (D) Hypertext Markup Language (HTML), FLASH, Java, JavaScript, Real Extract Report Language (PERL), Hypertext Preprocessor (PHP), Pipeline, Python, Wireless Application Agreement (WAP), WebObject, and/or the like. The information server supports secure communication protocols such as, but not limited to, File Transfer Protocol (FTP); Hypertext Transfer Protocol (HTTP); Secure Hypertext Transfer Protocol (HTTPS), Security Suite Layer (SSL), Messaging Delivery protocols (eg, America Online (A0L) Instant Messaging (AIM), Application Exchange (APEX), ICQ 'Internet Relay Chat (IRC), Microsoft Network (MSN) messaging service, presence and instant Message Transfer Protocol (PRIM), Internet Engineering Task Force (IETF) Session Initiation Protocol (SIP), SIP for Instant Messaging and Attendance Extension (SIMPLE), Extensible Messaging Based on Open XML And attendance agreement (XMPP) (ie, Jabber or Open Action Alliance (OMA) Instant Messaging and Attendance Service (IMPS)), Yahoo! Instant Messaging Service and/or the like. The information server is in the form of a web page The results are provided to a web browser and allowed to be manipulated by interaction with other program components on the manipulation of web page 158141.doc -36-201224980. One of the domain name systems that will be an HTTP request After the DNS) solution partially resolves to a particular information server, the information server resolves the request for information at the specified location on the veip controller based on the remainder of the HTTP request. For example, such as http:// One of the requests of 23.124.125.126/myInformation.html may resolve the IP portion of the request "123.124.125.126" from a DNS server to one of the information servers at the IP address; the information server may further target the The "/myInformation.html" section of the request parses the http request and parses it into one of the locations containing the information "myInformation.html". In addition, other information servo protocols can be used across various types, such as across 埠21. FTP communication and/or the like. An information server can communicate to and/or communicate with other components (including itself) and/or similar facilities in a collection of components. More frequently, the information server and VEIP database 5 19 , operating systems, other program components, user interfaces, web browsers, and/or the like. Access to the VEIP database is available through several A library bridge mechanism is implemented, such as through a scripting language (eg, CGI) enumerated as follows, and an inter-application communication channel (eg, c〇RB A, Web〇bjeet, etc.) enumerated as follows: through the bridging mechanism The data is parsed into any appropriate grammar required by VEIP through a web browser. In one embodiment, the information server will provide a web form accessible by a web browser. Mark the items in the supply block of the web form t as recorded to a specific position, and the port is cut. The entered terms are then passed to the blocker 158141.doc • 37· 201224980, which acts to instruct the parser to generate a query for the appropriate form and/or field. In an embodiment, the parser can generate a query in standard SQL by querying a string with one of the correct binding/selection commands based on the marked text item. The resulting command is provided to the VEIP on the bridging mechanism. A query passes the results through the bridging mechanism after the query results are generated from the query and can be parsed for use in the *bridging mechanism to format and generate a new results web page. This new results page is then provided to the messaging server, which can then be served to the requesting web browser. Moreover, an information server can contain, communicate, generate, obtain, and/or provide program components, systems, users, and/or data communications, requests, and/or responses. User Interface In some aspects, the computer interface is similar to the automotive operating interface, such as steering wheel, shifting devices, and automotive operating interface components of the speedometer to facilitate access, operation, and display of automotive resources and status. Computer interactive interface elements such as checkboxes, cursors, menus, screen scrolling, and windows (collectively and commonly referred to as graphical user interface elements) similarly facilitate access and capabilities of data and computer hardware and operating system resources and status , operation and display. The operational interface is collectively referred to as the user interface. The graphical user interface (GUi) will provide a graphical representation and display of information to a user, such as Aqua for the Apple Macintosh operating system, OS/2 for IBM, Windows 2000/2003 for Microsoft. /3.l/a5/98/CE/ Millenium/NT/XP/Vista/7 (ie, Aero), X-Windows for Unix, for example, 'which can include additional Unix graphics interface library layers, such as κ Desktop 158141. Doc -38 - 201224980 Environment (KDE), mythTV and GNU Network Object Model Environment (GNOME), web interface library (for example, ActWeX, ΑΜχ, (9) HTML, FLASH, Java, JavaScript, etc., such as but not Limited to Dojo, jQuery (UI), MooTools, prototype, script.acu丨〇.us, sWFObject, Yahoo! user interface, and any of them can be used). A user interface component 517 is a program component stored by a CPU. The user interface can be a custom graphical user interface as provided by, by, and/or on the operating system and/or the operating environment (such as those already discussed). The user interface allows for the display, execution, interaction, manipulation and/or operation of program components and/or system facilities through text and/or graphics facilities. The user interface provides a facility through which a user can influence, interact and/or operate a computer system. A user interface can communicate to and/or communicate with other components (including itself) and/or similar devices in a collection of components. More frequently, the user interface communicates with the operating system, other program components, and/or the like. The user interface may contain, communicate, generate, obtain, and/or provide program components, systems, users, and/or data links "is, request and/or response.

Web Browser A Web Browser component 518 is a program component stored by a &1>1; The web browser can be a custom hypertext viewing application, such as

Microsoft Internet Explorer or Netscape Navigator. The secure web browser can be encrypted by 128 bits (or greater) via HTTPS, SSL, and/or the like. Web browsers allow access to APIs such as ActiveX, AJAX, 158141.doc -39- 201224980 (D) HTML, FLASH, Java, JavaScript, web browser plugins (eg, FireF〇x, Safari plugins, and/or similar APIs) The facilities are private and executed. Web browsers and similar information access tools can be integrated into PDA cellular phones and/or other mobile devices, a web browser can be passed to and/or with other components of a component set (including itself) and / or similar to sighing her ^K more frequently, web browsers and information servers 'operating systems, integrated program components (eg, plug-ins) and/or the like, for example, they can contain, deliver, generate, obtain And/or providing program components, systems, users, and/or data communications, requests, and/or responses. Moreover, instead of a web browser and an information server, a composite application can be developed to perform similar operations. The composite application will similarly affect the acquisition and provision of information from VEIP capable nodes to users, user agents and/or the like. This combined application can be disabled on systems that use the standard Web browser. Mail Server A mail server component 521 is a stored program component executed by a cpt; 503. The mail server can be a familiar Internet mail server, such as but not limited to sendmai, Microsoft Exchange & / or the like, such as ASP, ActiveX, (ANSI) (〇bjectlve_) c ( ++), and/or NET, (10) scripts, implicit, JavaScript, pERL, pHp 'pipeline, ρ_〇η, and/or s. The mail feeder supports communication protocols such as, but not limited to, Internet Information Access Protocol (IMAP), Messaging Application Programming Interface (MApi) / Micr〇s〇 ft 158141 .d〇c -40· 201224980

Exchange, Post Office Protocol (P〇P3), Simple Mail Transfer Protocol (SMTP), and/or the like. The mail server can route, forward and process incoming and outgoing mail messages that have been sent, relayed, and/or otherwise traversed and/or to VEIP. Access to VEIP mail can be achieved through several APIs supplied by individual web server components and/or operating systems. Moreover, a mail server may contain, communicate, generate, obtain, and/or provide program components, systems, users, and/or data communications, requests, communications, and/or responses. Mail Client A mail client component 522 is executed by a CPU 503 as one of the stored program components. The mail client can be an e-mail viewing application such as Apple Mail, Microsoft Entourage, Microsoft Outlook,

Microsoft 〇uti〇ok Express, M〇zma, ThunderMrd, and/or the like. The mail client can support several transport protocols such as: IMAP, Microsoft Exchange, POP3, SMTP, and/or such as this. A mail client can communicate to and/or communicate with other components (including itself) and/or similar facilities in a collection of components. More frequently, the mail client communicates with a mail server, operating system, other mail client, and/or the like; for example, it can contain, communicate, generate, obtain, and/or provide program components, systems, users, and/or Or data communications, requests, information and/or responses. In general, the mail client provides a facility to compose and transmit email messages. Password Compilation Server 158141.doc -41· 201224980 A cryptographic compile server component 520 is comprised of a cpu 5.3, a cryptographic compile processor 526, a cryptographic compile processor interface 52, a cryptographic compile processor device 528, and/or the like. Execute one of the stored program components. The cryptographic processor interface will allow the cryptographic component to quickly process encryption and/or decryption requests; the @, another-selection, cryptographic component can run on a conventional CPU. The cryptographic component allows for encryption and/or decryption provided. The cryptographic component allows for symmetric and asymmetric (e.g., good protection (PGP)) encryption and/or decryption. The cryptographic component may employ cryptographic techniques such as, but not limited to, digital credentials (eg, χ.5〇9 authentication framework), digital signature, dual signature, envelope, password access protection, public ping-pong Management and/or the like. The cryptographic component will facilitate various (encryption and/or decryption) security protocols such as: checksum, data encryption standard (DES), elliptic curve cryptography (ECC), international data encryption algorithm (IDEA) ), Message Digest 5_5, which is a one-way hash operation), password, Rivest Cipher (RC5), ring (five), coffee (the system, used in 1977 by R〇n... 如, 仙心仙和崎d Adleman) One of the algorithms is an Internet encryption and authentication system, S full hash algorithm (SHA), security group (ssl), secure hypertext transfer TTPS) and/or the like. With (4) such cryptographic security protocols, VEIP can encrypt all incoming and/or outgoing communications and act as a point in a virtual private network (VPN) and a wider area communication network. The cryptographic compilation component facilitates the process of suppressing access to a privilege, access, and full authorization by a security protocol that implements authorized access to the protected resource. In addition, the password compiling component can mention 15814l.d〇 (•42·201224980 for the unique identifier of the content', for example, using MD5 hash to obtain one unique signature of a digital audio file. A password compiling component can communicate to / or communicating with other components in a collection of components (including itself) and/or similar facilities. The cryptographic component supports an encryption scheme that allows secure transmission of information across a communication network such that the VEIP component is expected to do so. Participate in secure transactions. The cryptographic component facilitates secure access to resources on the VEIp and facilitates access to protected resources on the remote system, ie, it can act as one of the protected resources and/or Server. More frequently, the cryptographic component communicates with an information server, operating system, other program components, and/or the like. The cryptographic component can contain, communicate, generate, obtain, and/or provide program components, systems, and uses. And/or data access L, request and/or response. VEIP database VEIP database component 519 can be embodied as a database and its stored resources The database is a program component stored by the CPU; the stored program component partially configures the CPU to process the stored data. The database can be a library, a fault-tolerant f library, and a relational database. Scalable, library, secure database, such as 0racle or Sybase. The relational database is a flat file-extension. The relational database consists of - series of related tables. These tables are interconnected via the - key fields. The use order of the blocker combines the forms by comparing the (4) fields; that is, 'these keys are difficult to serve as a dimension core for combining information from various forms: various relationships are usually made by matching basic keys The word identifies the link between the forms. The basic keywords represent the fields of the only-recognition-relationship database 158141.d〇, •43·201224980. More precisely, its uniquely-to-many relationship The columns of one of the tables on the "one" side. The VEIP database can be implemented using various standard data structures, such as - array, hash, (linked) columns, structures, structures. Text archives (eg XML), forms and/or the like. Such information structures may be stored in memory and/or in (structured) archives. In another alternative, an object-oriented database may be used, such as Frontier, j ore poet, z〇Pe, and/or the like. The object database can include 3 right-hand object sets 'which are grouped and/or keyed together by common attributes; 纟 can be attributed by some common attributes It is related to other object collections. The object-oriented database is executed similarly to the relational database, but the object is not a piece of data but can have other types of capabilities encapsulated in a given object. The implementation of the νΕΙΡ database is - data structure In this case, the use of the vEip repository 519 can be integrated into another component, such as the VEIp component 535. Moreover, the library can be implemented as a mix of data structures, objects, and related structures. The database can be combined and/or distributed in a myriad of variations through standard data processing techniques. Portions of the database (eg, tables) may be output and/or input and are therefore decentralized and/or integrated. In one embodiment, the repository component 519 includes a number of tables 519 & to 5 19g. A user form 5丨9a contains fields such as, but not limited to, user_id, user transactions user_inf〇 > user_rights ' user_history , user_p〇rtfoli〇, user_instruments and/or the like. The user form supports and/or tracks multiple physical accounts on a VEIp. An index data table 5 19b contains such blocks as, but not limited to, the following 158141.doc -44· 201224980 items: index"d, index_info, index_parameters, index_underlier, index-reference, and/or the like. An account information form 5 19c contains such blocks as, but not limited to, account_id , account_entity , account_status , account profile, account parameters, account_history, account_rights, and/or the like. A market information table 519d includes fields such as, but not limited to, market_data_feed_ID, assetID, assetsymbol, asset-name, spotprice, bid_price, ask_price, and/or the like; in one embodiment, through a market data feed source (For example, Bloomberg's PhatPipe, Dun & Bradstreet, Reuter's Tib, Triarch, etc.) populate the market data table, for example, through Microsoft's Active Template Library and Dealing Object Technology's instant toolkit Rtt.Multi. A ticket data table 519e contains fields such as, but not limited to, instrument_id, instrument_source, instrument_parameters, instrument index 'instrument_profile, and/or the like. A model data table 519f contains such blocks as, but not limited to, model_id, model_parameters, mo delas consumptions, model_rules, model_variables, model_updates, and/or the like. A transaction data form 5 19g contains fields such as, but not limited to, transaction id, transaction parties, transaction_properties, transaction_status, transaction_detail, and/or the like. In one embodiment, the VEIP database can interact with other database systems 158141.doc -45- 201224980. For example, by using a distributed database system, the search for VEIP components and data access can be considered as a single database entity for the combination of the VEip database and an integrated data security layer database. The in-user implementation program can contain various user interfaces, which can be used to update veip. Moreover, various accounts may require a custom database form to look at the type of client that the ring and the P can compromise. It should be noted that any unique barrier can be designated as a key field throughout. In an alternative embodiment, the tables have been decentralized into their own databases and their respective database controllers (i.e., individual database controllers for each of the above tables). By using standard data processing techniques, these databases can be further spread across several computerized system and/or storage devices. Similarly, the configuration of the decentralized database controllers can be varied by merging and/or distributing various database components 519u519g. Veip can be configured to track various settings, inputs, and parameters via a database controller. The vEIP database can communicate to and/or communicate with other components (including itself) and/or similar facilities in a collection of components. More frequently, the VEIP database communicates with VEIP components, other program components, and/or the like. This database may contain, maintain and provide information about other nodes and materials.

The VEIP VEIP component 535 is a spear-based component stored by one of the CPUs. In one embodiment, the VEIP component incorporates any and/or all combinations of the aspects of the vEip discussed in the previous figures. As such, VEIp affects access, acquisition, and provision of information, services, transactions, and/or the like across various communication networks. 158141.doc -46- 201224980 VEIP transforms user and market data input into volatility expiration index disclosure and volatility via VEIP components MDIC 541, CC 542, PIC 543, IIC 544, AIC 545, IGC 546 and IMC 547 Period index bill communication output. VEIP components that implement information access between nodes can be developed by employing standard development tools and languages such as, but not limited to, Apache components, assembly, ActiveX, binary executables, (ANSI) (Objective-) C (++), C# and / or .NET, database adapters, CGI scripts, Java, JavaScript, mapping tools, programs and object-oriented development tools, PERL, PHP, Python, shell chat, SQL commands, web application servo Extensions, web development environments and libraries (eg Microsoft's ActiveX; Adobe AIR, FLEX and FLASH; AJAX; (D)HTML; Dojo, Java; JavaScript; jQuery(UI); MooTools; Prototype; script.aculo.us Simple Object Access Protocol (SOAP); SWFObject; Yahoo! user interface and/or the like, WebObject and/or the like. In one embodiment, the VEIP server uses a cryptographic compiler to encrypt and decrypt communications. The VEIP component can communicate to and/or communicate with other components (including itself) and/or similar facilities in a collection of components. More frequently, VEIP components communicate with VEIP databases, operating systems, other program components, and/or the like. VEIP may contain, communicate, generate, obtain and/or provide program components, systems, users and/or data communications, requests and/or responses.

The structure and/or operation of any of the distributed VEIP VEIP node controller components can be combined, merged, and/or distributed to facilitate development and/or deployment in any number of ways 158141.doc • 47· 201224980. Similarly, the set of components can be combined in any number of ways to facilitate deployment and/or development. To achieve this, the components can be integrated into a common code base or integrated into a facility that can be dynamically loaded with one of the components on an as-needed basis. This collection of components can be combined and/or distributed in a myriad of variations through standard data processing and/or development techniques. Multiple instances of any of the program components in the set of program components can be instantiated on a single node and/or exemplified across multiple nodes to improve performance through load balancing and/or data processing techniques. In addition, a single instance may also be spread across multiple controllers and/or storage devices (e.g., 'databases'). All program component examples and controllers that work cooperatively can & over-subscribe $data processing to achieve this goal. The configuration of the VEIP controller will depend on the context of the system deployment. Factors such as, but not limited to, the budget, capacity, location, and/or usage of the preferred hardware resources may affect the program components that result in a tighter and/or more integrated program component, a more distributed program component series, and / or resulting in a combination of a combined configuration and a distributed configuration, can transfer, obtain and / or provide information. An instance of a component from a collection of program components and to a common code base can pass, obtain, and/or provide material. This can be achieved by in-process data processing techniques such as, but not limited to, data referencing (eg, pointers) internal messaging, object instance variable communication, shared memory space, variable passing, and/or the like. If the components of the component set are discrete, separate and/or external to each other, then the information is transmitted, obtained, and/or provided to and from the other component components such as, but not limited to, the following: Application-to-application data processing communication technology to achieve application interface (API) information channel; (scattered) component object model ((D)COM), (scattered) object link and embedding ((D)〇LE) / or the like), Common Object Request Broker Architecture (c〇RBA), Jini Native and Remote Application Interface, JavaScript Object Notation (JSON), Remote Method Invocation (RMI), SOAP, Processing Pipeline, Shared File and / Or such. Messages sent between components of discrete components for inter-application communication or sent within a memory space of a single component for in-app communication

The creation and analysis of the law to promote. The grammar can be developed by using development tools such as lex, yacc, XML, and/or the like that allow for grammar generation and profiling capabilities, which in turn can form the basis for communication messages within and between components. For example, a grammar can be configured to recognize an HTTP post-command token, for example: w3c-p〇st http://...Valuel where Valuel is treated as a parameter because "hUp:// It is part of the grammar grammar, and the latter part is considered part of the post value. Similarly, with this grammar, a variable "Vaiuel" can be inserted into a "hup://" post command and then sent. The grammar grammar itself may be represented as structured material that has been interpreted and/or otherwise used to create a profiling mechanism (eg, as illustrated by lex, 73 (^, etc.). Generating and/or exemplifying the profiling mechanism, which itself can process and/or parse structured data such as, but not limited to, characters: (example 158141.doc -49· 201224980 such as 'tags' delimited text, HTML, Structured text stream, XML, and/or similar structured material. In another embodiment, the inter-application data processing protocol itself may have an integrated and/or ready-to-use parser that can be used for profiling (eg, communicating) data (eg, , jS〇N, SOAP, and/or similar parser. Further, the parsing grammar can be used outside of the scope of message profiling, but can also be used for profiling: databases, data collections, data storage, structured data, and/or the like. Moreover, the desired configuration will depend on the context, environment, and requirements of the system deployment. For example, in some embodiments, the VEIP controller can be executed via an information servo. Implementing a security group overlay ("SSL") set of one of the PHP scripts, the information server can send data (for example, data encoded in JSON format) to one of its servers on a client side. Listening to incoming communication. After the identification-incoming communication, the php script can read the incoming message from the user device, parse the received JSON-encoded text data, and extract information from the JSON-encoded text data to the pHp script. In the variable, the data (such as 'user identification information, etc.) and/or the extracted information is stored in the relational data of the structurable (four) language ("SQL") access. In essence, PHP/ The form of the SQL command is written to accept a TSON code material from a client device via a muscle connection to extract the variable and store the data to - provide the following input data: Analyze an example list of the database 158141-doc -50- 201224980

<?PHP headeri 'Content-Typet text/plaine); // set ip address and port to listen to for incoming data $addre3s = '192.168*0.100f; $port β 255; // create a server-side SSL socket ^ listen for/accept incoming communication $sock « socket^create (AF_INET, SOC^STREAM, 0); socket_bind ($sock, $address, $port) or die ('Could not bind to address^); socket_li3ten($sock $client - socket_accept($sock); // read input data from client device in 1024 byte blocks until white net of message do ( $input = vw/; $input - socket_read($client, 1024); $data $ Input; 】while ($input ί_,, ">; // parse data to extract variables $obj = json_decode ($data, true); // store input data in a database mysql-connect("201.408*185 ♦132", $DBserver, $password); // access database server znysql_select("CLIENT^DB.SQL"); // select database to append raysql_qvjery(wINSERT INTO OsexTable (transmission) VALUES ($data)w); Π add data to OserTable table in a CXlENT database mysql_close(MCLIENT DB.SQLM); // close connection to database ?> - " Moreover, the following resources are available for providing several example embodiments regarding the SOAP parser implementation: hfctp://www.xav.ccm/ Perl/3ite/lib/S0AP/Par3er.html httpi//publib.boulder.ibm<com/infocenter/tivihelp/v2rl/index.jsp?topic=/com.ibm -IBMDI,doc7r©ferencoguide295.htm and other parsers Implementation: http://publib.t)〇ulder.ibm.com/inf ocenter/tivihelp/v2rl/index,jsp?topic-/com.ibm .IBMDI-doc/referenceguide255.htm It is expressly incorporated herein by reference. In order to solve various problems and make progress in the field, the entire contents of the application "APPARATUSES, METHODS AND SYSTEMS FOR A VOLATILITY EXPIRATION INDEX PLATFORM" (including cover page, invention name, title, technical field, prior art, invention content, schema) BRIEF DESCRIPTION OF THE DRAWINGS The various embodiments in which the claimed innovations can be implemented are shown by way of illustration and description. Advantages of the present application - 51-158141.doc 201224980 and features are merely representative of the examples - and are not exhaustive and/or exclusive. It is provided solely to assist in understanding and teaching the claimed principles. It should be understood that it does not represent all claimed innovations. As such, some aspects of the invention are not discussed herein. Alternative embodiments that have not been presented for a particular part of the innovations may be considered as a waiver of alternative embodiments for the use of other alternative embodiments. It should be understood that many of the undescribed embodiments incorporating the same principles of the innovations and other parts are equivalent. Therefore, it is to be understood that other embodiments may be utilized, and a function, logic, operation, organization, structure, and/or topological modification may be made without departing from the spirit and scope of the invention. Thus, all examples and/or embodiments are considered as non-limiting. Moreover, it should not be inferred that the embodiments discussed herein are inconsistent with respect to the embodiments that are not discussed herein, unless they are for the purpose of reducing space and repetition. For example, it should be understood that the logical and/or topological structure of any private component (a collection of components), other components, and/or any set of existing feature sets in the drawings and/or throughout the text is not The present invention is limited to a fixed order of operation and/or configuration, but rather, any of the disclosed order is merely exemplary and white equivalent, regardless of order, and is encompassed by the present invention. In addition, it should be understood that 'these features are not limited to being executed in series, but any number of threads, processes, services, etc. that can be executed asynchronously, concurrently, in parallel, simultaneously, synchronously, and/or the like. Feeding devices and/or the like are encompassed by & Thus, some of these features may be contradictory, as they may not be present in a single embodiment. Similarly, certain features may be applied to these innovations and not to other aspects. In addition, 158141.doc • 52- 201224980 The present invention contains other innovations not currently claimed. Applicants reserve all rights to the current non-claimed innovations' to include such innovations, additional applications, successions, partial successions, divisions, and/or the like. As such, it should be understood that the advantages, embodiments, examples, functions, features, logic, operations, structures, structures, topologies, and/or aspects of the present invention are not to be construed as being limited by the scope of the claims Limit or limit the equivalent of Shen Hai's patent scope. It should be understood that the specific needs and/or characteristics of a VEIP individual and/or enterprise user, database configuration and/or relationship model, data type, data transfer and/or network framework, grammatical structure and/or the like are viewed. Various embodiments of VEIP that achieve sufficient flexibility and customization can be implemented. For example, the VEIp aspect can be applied to the over-the-counter market and/or the stock exchange market, and/or can be configured to comply with regulatory requirements, market constraints, and the like. While various embodiments and discussions of VEIP have been directed to financial and securities markets and information, as well as exchange traded financial products and the like, 'however' should be understood, the embodiments set forth herein can be readily grouped for numerous other applications and/or implementations. State and / or customization. BRIEF DESCRIPTION OF THE DRAWINGS Figure 1 is a schematic diagram showing one of the data flows between a VEIP component and an associated entity for one embodiment of VEIP; Figure 2 illustrates a block diagram of an embodiment for VEIP Forms of VEIP system architecture and various aspects of data flow between and among various VEIP system components; Figure 3 provides an illustration of one (or more) of one embodiment for VEIP 158141.doc •53· 201224980 A logical flow chart of the determination of the expiration index; a circle from Figure 4C provides a logic flow diagram illustrating the aspect of the volatility expiration index determination for the VEip embodiments; Figure 5 shows a VEIp control A block diagram of one embodiment of the device. [Main component symbol description] 101 Volatility expiration index platform feeder 103 Exchange server 105 Financial institution server 113 Communication network 119 Volatility expiration index platform database 120 Market data source and / or market data source 121 Volatility Expiration Index Disclosure System, Entity, Organization and/or Component 122 Volatility Expiration Bill Market 133a User 133b Client 200 Wave: Dynamic Expiration Index Platform System 201 Volatility Expiration Index Platform Controller 219 Data Library 220 Market Data Interface Component (MDIC) 220a Market Data Source 220b Market Data Feed Source 221 Public Interface Component (PIC) 221a Volatility Due Index Information 158141.doc -54· 201224980 222 222a 233 233a 233b 255 265 275 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 Ticket Interface Component (IIC) Volatility Due Ticket Supervisor/Management Interface Component (AIC) User Interface Administrator/User Input Index Calculator Component (CC) Index Notes Production Component (IGC) Ticket Management Component (IMC) Volatility Due Index Platform Controller Computer Unified / (female) board central processing unit / processor system bus random access memory (RAM) read-only memory (ROM) interface bus input and output interface storage interface network interface · user input device peripheral device communication Network Storage Device Operating System Component Information Server Component 158141.doc -55· 201224980 517 User Interface Component 518 Web Browser Component 519 Database 519a User Form 519b Index Data Form 519c Account Information Form 519d Market Information Form 519e Bill Information Table 519f Model Data Form 519g Transaction Data Form 520 Password Compilation Server Component 521 Mail Server Component 522 Mail Client Component 526 Password Compilation Processor 527 Password Compilation Processor Interface 528 Optional Password Compilation Processor Device 529 Memory 530 Clock 533a User 533b Remote Client 535 Volatility Expiration Index Platform Component 541 Market Data Interface Component Component 542 Calculator Component Component 543 Public Interface Component Component 158141.doc -56· 201224980 544 Ticket Interface Component Component 545 Management Media Component assembly 546 components as promissory notes 547 574 bill management components as the transceiver 575 antenna 586 power / battery power 158141.doc -57-

Claims (1)

201224980 VII. Scope of application for patents: 1. A method for implementing the volatility expiration index bill 4 blasting house processor, which includes · receiving a corresponding one of the towers. - ^ ^ / loss of one of the coupons Fu; based on the reference received by I Hai! Address • price; ° identifier determines that the current reference security derives a plurality of option exercise prices from the current reference security price vine, • judges and volatility of each derivative period; (4) implicit judgment of the option The difference between the options associated with each of the derived _ , 仃 价格 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , =-weighting; == the implied volatility of the difference weighting associated with the derived option exercise price and one of the vouchers of the volatility expiration index value weighting to calculate the reference certificate to generate at least one volatility to Period index financial instrument, the value of the at least one volatility expiration index financial instrument period index value and the value of the volatility calculated according to the calculation: two to: one generated volatility expiration index financial instrument Introduced into the financial instrument exchange market. 2. If the method of requesting the item, its gold. In the middle of the sea, the "coupon system - exchange trading base 15814I.doc 201224980, such as the method of requesting the item, ι such as biting seven eight in the middle of the reference to the securities department of a stock. Such as the method of claim 1, 1 financial 4, Cash settlement of the financial indicators of the volatility expiration index generated by §Hai. The number of friends' days is the method of claim i, and the financial indicator of the volatility expiration index generated by the merger is an American option. Fish, as in the method of claim i, is a method of claiming a volatility expiration index of a European franchise β, such as the method of claim 1, wherein the 票据 票据 bill has a ΡΜ ΡΜ Λ Λ Λ Λ Λ Λ Λ Λ Λ The method of claim 1, wherein the implied volatility of the option associated with the parent-derived option exercise price comprises: - the right of the option to derive the option exercise price. "隹 and - the implied volatility of the beneficiary as in the method of claim 1, wherein the difference between the options associated with the judgment is: -::: the guide option, the exercise price, the exercise price, the sale price And - buy the natal mother - the derived period 10. If requested The method, wherein: the step comprises: verifying that the reference securities II = the price of the ROCO securities into the η. as in the request item ,), wherein the error check logic (1) exists in the presence of ^ @reference Securities and (, the reference to the second most new lock sale of the coupon, the number of deductions is not more than 12 in the ® cycle. If the requester's method, which guide:: Grid limit logic. Including the verification meets the per-exported:: option exercise price into the derived option strike price 3 associated with 3. 4. 5. 6· 8· 9. 158141.doc -2· 201224980 Option error checking logic 13: = Γ2 method, where the following conditions are satisfied - the right of the option is Logic (1) the quotation of the option exists, and (2) for the period of time, the option price limit logic is over the specified number of cycles The volatility expiration index ticket generation system does not exceed 14. The volatility expiration index bill generation system includes: a component for receiving a reference coupon identifier corresponding to the reference security based on the received The component of the price of the securities; h The identifier determines a current reference to derive a plurality of option exercise prices from the current reference security price to determine a component associated with each of the implied volatility; the option associated with the option price associated with the option price The component used to determine the difference from each mt u; the derived option exercise price is used to calculate the implied volatility of each-differential weighting: the weighted exercise price is used to determine and Each of the components of the Yudao, the weighting of the option exercise price is used to use the weighted difference of the weighted difference: the weight of the current price index Calculate the component of the (four) nature_index financial (4), 158141.doc 201224980 ° Hai to the volatility expiration index financial instrument has one value determined according to the calculated volatility expiration index value; The at least -> fm ^ , the resulting volatility expiration index gold is introduced into a financial instrument exchange market component. (According to 15 - a kind of volatility expiration means that the anger is generated by the processor readable physical medium, and the processor can store the instruction for the following operations: eight receiving the reference security identification corresponding to one of the reference securities Based on the reference security identifier received by 5H - the current reference security price; from the current reference security price to derive a plurality of _ exercise price; the implied option associated with each of the derived option exercise price Volatility; w# is the difference between the options associated with each of the derived option exercise prices, and the implied volatility associated with each of the derived option exercise prices is calculated by the difference weighting; One of the weights associated with the parent-derived option exercise price; 2 calculating the weighted implied volatility and the option exercise weight associated with the plurality of derived option exercise prices to calculate the reference Qiao Zhi a volatility expiration index value; a volatility expiration index financial instrument having a volatility expiration value calculated according to the calculated And the at least one of the generated volatility expiration index financial notes is introduced into 158141.doc 201224980 to a financial instrument exchange market in the form of a volatility expiration index bill generating device, which includes Memory; a processor, which is set and stored in the memory and configured to be shipped to the market. 4. The plurality of processors in the body issue instructions for: /, 肀# Receiving a reference security identifier corresponding to the reference security. Price = the received reference security identifier decision - the current reference security derives a complex number from the current reference security price _ wave = associated with each of the derived option exercise price The period of the joint: the implied variability of the option associated with the parent's derived option exercise price and the implied volatility of each derived option exercise price; k 4 difference plus judgment and per- Deriving one of the derived option exercise price weights; calculating the reference using the weighted implied volatility and the option exercise weight associated with the plurality of derived option exercise prices a volatility expiration index value of the voucher; generating at least one volatility expiration index financial instrument having a value determined according to the calculated volatility expiration index value; and The volatility expiration index financial notes generated by X to 引入 are introduced into the financial instrument exchange market. 158141.doc -5-